The USDMXN exchange rate of 17.0935 continues to stay at a low level close to the lowest point it reached in the past 1.5 weeks, which occurred on Thursday.

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• USD/MXN remains depressed near a one-and-half-week low touched on Thursday.

The pair currently trades last at 17.0935.

The previous day high was 17.209 while the previous day low was 17.0734. The daily 38.2% Fib levels comes at 17.1252, expected to provide resistance. Similarly, the daily 61.8% fib level is at 17.1572, expected to provide resistance.

The USD/MXN pair struggles to gain any meaningful traction during the Asian session on Friday and languishes near the 17.10-17.05 region, or a one-and-half-week low touched the previous day.

The aforementioned area represents the 61.8% Fibonacci retracement level of the rally from the August monthly swing low, which should now act as a key pivotal point for intraday traders. Meanwhile, technical indicators on the daily chart have just started drifting in the negative territory and support prospects for an extension of the USD/MXN pair’s downfall witnessed over the past week or so.

That said, it will still be prudent to wait for a convincing break below the 50-day Simple Moving Average (SMA), around the 17.00 mark, before positioning for a further depreciating move. Spot prices might then weaken below the 16.90 intermediate support and challenge a multi-year low, near the 16.70 area touched in August. Some follow-through selling will be seen as a fresh trigger for bearish traders.

On the flip side, any meaningful recovery might now confront stiff resistance and remain capped near the 17.20-17.25 confluence, comprising the 50% Fibo. level and the 100-day SMA. The next relevant hurdle is pegged near the 38.2% Fibo. level, around the 17.35 region, above which the USD/MXN could surpass the 23.6% Fibo. barrier near the 17.45-17.50 barrier and retest the multi-month top, around the 17.70 zone.

Technical Levels: Supports and Resistances

USDMXN currently trading at 17.0982 at the time of writing. Pair opened at 17.1102 and is trading with a change of -0.07 % .

The pair is trading above its 20 Daily moving average @ 17.0975, above its 50 Daily moving average @ 17.0163 , below its 100 Daily moving average @ 17.2425 and below its 200 Daily moving average @ 17.9696

The previous day high was 17.209 while the previous day low was 17.0734. The daily 38.2% Fib levels comes at 17.1252, expected to provide resistance. Similarly, the daily 61.8% fib level is at 17.1572, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 17.0527, 16.9952, 16.9171
• Pivot resistance is noted at 17.1883, 17.2664, 17.3239

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